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V O L . X X X N O. I I I F E B R UA R Y 5 , 2 0 2 4 6 The Mills Administration announced a $10 million literacy grant opportu- nity through the Maine Department of Education for schools to support the development, expansion and enhance- ment of evidence-based core literacy instruction and targeted interventions for Maine students. Versant Power said it invested $500,000 in 2023 in the communities it serves through its community invest- ment program. Gorham Town Council voted unani- mously to award a total of $45,000 to eight local businesses through its Capital Expenditure Matching Grant program. In support of the program, Gorham Savings Bank awarded three of the grantee businesses a total of $10,000 in additional funding as a Hometown Match for each of their projects. Southern Maine Health Care in Biddeford opened a wound care center in its Goodall Medical Office Building at 25A June St., Suite 012, in Sanford. The University of New England has created a partnership with the Maine Municipal Association to make gradu- ate education in emergency manage- ment affordable and accessible for members. The Maine Community Foundation in Ellsworth awarded a total of $120,000 to nonprofit organizations that provide transportation services to Mainers. The foundation's Maine Charity Foundation Fund awarded $91,000 to 14 organizations and another $29,000 was awarded to four organi- zations by donors with advised funds at the foundation. B U S I N E S S M A I N E Business news from around the state A S K AC E A n s w e r e d b y C a r r i e G r e e n , Y a r d l e y E s q . P L L C The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Q: I understand that in 2024 businesses will need to file a new report about their owners with the federal government. What is the report, and where and when do I need to file it? ACE advises: The report is called a Beneficial Ownership Information Report, and if it applies to you, you will need to file it with the Financial Crimes Enforcement Network. It must be filed before Jan. 1, 2025. You can file online. BOI Reports provide the federal government with the identities of individuals owning and/or controlling a company, to make it more difficult to use shell companies to engage in illegal activities. As failure to comply can result in both civil and criminal penalties, you should assume you must report if you are a corporation or limited liability company organized under state law or Indian tribe, or a foreign entity registered to do business in a state or Indian tribe. Your business may fall within one of 23 exemptions; FinCEN has published a Small Entity Compliance Guide, to help make the determination. Likewise, you should assume that anyone who can vote or otherwise influence your business's activities may be a "beneficial owner." This could include senior officers, anyone with authority to appoint or remove senior officers or a majority of the board, or anyone else with authority to influence the company's business, finances, and/or structure. Individuals with a 25% ownership in the busi- ness are also considered beneficial owners. The Small Business Compliance Guide can help identify your beneficial owners. As Murray, Plumb & Murray attorney Christopher Branson observed in his "how to" column in November, "the BOI Report requirement is new and regulations are still under development, so details and rules are subject to change. With that in mind, find a trusted resource who will continue to review information as it becomes available and will be able to assist you and your company in making all required filings." Carrie Green Yardley, vice president of ACE, founded Yardley Esq. PLLC in 2015. The firm works with small businesses and owners on governance trans- actions, from startup to exit. She can be reached at carrie@yardleyesq.com. B R I E F Lack of inventory continues to vex housing market B y L a u r i e S c h r e i b e r T he real estate market in Maine remains robust, but a lack of inventory and higher interest rates continue to create an unbalanced market for single-family existing homes. Maine Listings reported that the median sales price of homes increased 6.21%, to $350,500, in December 2023 compared to the same month a year earlier. The number of sales was down 6.14% in December com- pared to a year earlier. "The 2023 sales year ended with 13,622 residential transactions and a median sales price of $360,000 — up 7.46% from a year ago," said Paul McKee, 2024 president of the Maine Association of Realtors and a broker affiliated with Keller Williams Realty in Portland. McKee said that, throughout Maine, real estate markets continue to be affected by growing interest rates and sellers' reluctance to list. That, in turn, has prolonged a shortage of homes available for sale. "We're beginning to see more homes on the market than a year ago, yet at a 2.7-months' supply of available for-sale inventory, we will need more than twice the current inventory to reach a more balanced market — which is indicated by a six-month supply," said McKee. Issues around supply and demand can be tackled through the development of affordable and accessible homes, he added. Nationwide, sales of single-family homes nationwide were down 6.1% in December. The national median sales price of $387,000 represented a rise of 4% from December 2022, according to the National Association of Realtors. In the Northeast, sales decreased 9.6% and the median sales price reached $428,100, a gain of 9.4% compared to December 2022. P ROV I D E D P H O T O / B E N C H M A R K R E A L E S TAT E A six-unit property in South Portland illustrated a continued price escalation when it listed at $999,000 and sold for $1.23 million. The transaction was brokered by Benchmark Real Estate and Coldwell Banker Realty. N O T E W O R T H Y S T A T E W I D E S T A T E W I D E N O T E W O R T H Y S O U T H E R N S O U T H E R N N O T E W O R T H Y M I D C O A S T & D O W N E A S T M I D C O A S T & D O W N E A S T

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